BT sees third-quarter revenues dip
By Abigail Townsend
Date: Thursday 02 Feb 2023
(Sharecast News) - BT Group reiterated its full-year outlook on Thursday, despite seeing third-quarter revenues slip.
The telecoms group said adjusted revenues in the three months to 31 December fell 3% to £5.2bn, while adjusted earnings before interest, tax, depreciation and amortisation rose 2% to £2.01bn.
In the nine months to 31 December, revenues fell 1% to £15.6bn, as price increases and improved trading in Openreach and its consumer division were offset by lower sales in the Global unit and the disposal of BT Sport.
Adjusted earnings before interest, tax, depreciation and amortisation rose 3% to £5.9bn. But reported pre-tax profits fell 15% to £1.3bn, because of increased depreciation.
Philip Jansen, chief executive, said: "We've grown revenue and EBITDA on a pro forma like-for-like basis, despite a challenging economic backdrop, and we're transforming BT Group for the benefit of our customers."
The group also reaffirmed its full-year outlook, noting that normalised free cash flow was heavily weighted to the fourth quarter, reflecting more front-ended capital expenditure and back-ended EBITDA.
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